This morning there may be plenty of investors who are going to take a look into the BioStem Technologies Inc (OTCMKTS:BSEM) stock after the company announced its financial results for the third fiscal quarter that was ended on September 30, 2022.
On Tuesday, BSEM stock ended flat at $3.7500 with more than 15 shares traded, compared to volume of 2.78K shares. The stock moved within a range of $3.7500 – 3.7500 after opening trading at $3.3532.
BioStem Technologies Reports Third Quarter 2022 Operating and Financial Results
The Chief Executive Officer of the company Jason Matuszewski spoke about the sort of progress that had been made. He noted that during the course of the third fiscal quarter BioStem had managed to build on the growth strategy that it had adopted. However, it should be noted that the net revenues for the quarter actually declined 13% year on year to $1.145 million from $1.313 million in the prior year quarter.
On the other hand, the gross profit for the quarter came in at $0.842 million as opposed to $0.773 million in the quarter that ended on September 30, 2021. The net losses for the quarter widened for BioStem as it suffered a net loss of $1.742 million. In the prior year quarter, the net losses suffered by the company stood at $0.622 million. It is now going to be interesting to see if the BioStem stock experiences any action from investors over the coming days or not.
Jason Matuszewski, Chief Executive Officer of BioStem Technologies Inc. said, “Over the third quarter, we have continued to build on the strengths of our growth strategy. This includes the accelerated transition to a highly experienced direct sales force and expanding VENDAJE® coverage with the addition of three Medicare Administrative Contractors (“MAC”) territories which covers approximately 50% of the U.S. We’ve also taken key steps to build out our leadership and corporate governance with the appointment of a Chief Financial Officer and the expansion of our Board of Directors. We will be forming an independent audit committee in the upcoming year to continue our focus on good corporate governance. Through the execution on the fundamentals of our growth strategy, and strong leadership, we have achieved net revenue of $1.1 million, a 74% gross margin for the quarter and are well positioned to see continued growth for the foreseeable future”.
BSEM stock is trading above the 20-Day and 50-Day Moving averages of $3.55 and $3.12 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.83.